IFC has made a total investment of $35 million in the form of equity and debt. The company invested $5 million as equity for 3.38 per cent stake in Simran Wind Project, while the remaining $30 million comes in the form of debt. With this deal, TEECL’s stake in Simran Wind will reduce to 96.62 per cent.
Along with IFC, Standard Chartered Bank and DBS Bank are financing $30 million and $20 million, respectively, for the project by way of debt. TEECL will be contributing $48.33 million (Rs. 218 crore) in the equity portion.
TEECL signed the agreements at Kolkata, which marked the financial closure of Phase-1. The total wind power project cost for generating 100 MW with wind turbines is $133.33 million (Rs.600 crore). Total debt financing totaled Rs.80 million (Rs.360 crore) and $53.33 million (Rs.240 crore) as equity investment.
Of the total 100MW, Simran already commissioned 37.5MW comprising of 18 wind turbines of 1.5MW each and 5 wind turbines of 2.1 MW each. All 37.5MW are in a power purchase agreement with the Tamil Nadu Generation & Distribution Co. (TANGEDCO) under the REC scheme. Out of the 37.5 MW, 27.95 MW has registered for REC mechanism and the remaining 9.55 MW are expected to be registered very soon. Simran is set to commission the entire 100MW of the project by middle of next month, the company said.